REDEVELOPMENT & REPOSITIONING

Background -  Engaged by the CIO of a mid-sized retail investment and development company to oversee the redevelopment and repositioning of a strategically significant retail center in a major metropolitan area.  

Challenge - The retail center was owned by a major university and is located in an affluent 16 block trade area developed in the 1940's adjacent to the university.  The university owns large blocks of the eclectic, but dated retail trade area and wanted to modernize the entire retail district while still maintaining the quirky charm of the area.  As the largest retail block in the district, this property was the cornerstone of that effort.  Given the disparate property ownership in the district the university needed to showcase this asset in order to get the other property owners on board with the overall modernization plan for the district.   

Results - Managed the due diligence and underwriting process and worked with members of the company team to develop a business and merchandising plan for the property in order to make investment recommendations to the university.  This cross-functional team was comprised of architects, engineers, leasing, property management, finance and accounting personnel.  After creating a detailed vision for the asset and district, the university was able to move forward with their comprehensive long-term redevelopment and repositioning plans.